Community South Bank, which has branches in Hardin and McNairy counties, was closed Friday by the Tennessee Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with CB&S Bank Inc. of Russellville, Ala., to assume all of the deposits of Community South Bank.
According to the FDIC, the 15 branches of Community South Bank, based in Parsons, Tenn., will reopen as branches of CB&S Bank Inc. during their normal business hours. Depositors of Community South Bank will automatically become depositors of CB&S Bank.
Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Community South Bank should continue to use their existing branch until they receive notice from CB&S Bank that it has completed systems changes to allow other CB&S Bank branches to process their accounts as well.